My experience in Real Estate is absolute zero so far, I do not count reading/listening to several books as an experience. :) My goal in Real Estate is simple - I want to be my own boss and have enough financial freedom via rental cash flow, so that I can spend my time to develop great software (yes, I'm a software engineer by profession :)).

We have had a look at the numbers on this property and the area and would like to put in two offers on this residence:1) for 90% of the asking price (£405,000 total) on a 10 year master lease-option at £2,000 per month (£240,000 total over those 10 years) which will count as a non-refundable 40% deposit.

So, while buildings age and depreciate, it’s the appreciating land value that really counts.

You really cant count on appreciation in these small towns but I have started buying in areas that have a long track record of sustaining property values. 

We don't publicize the location everywhere only because the restaurant needs a head count for staffing purposes ahead of time, so we ask that people give us a heads-up that they're coming.Depending on your wife's level of experience, I could sponsor her myself, however, if she has no real estate experience at all, then I'm probably not her best option, as I do not have a formal training program in place for those who are just learning the ropes.

I am looking to retire in the next 5 years so I have to make every opportunity count.

This is not counting the real estate brokers - so add 2 more places at the table please.  

I would not count on the perfect tenant(the couple) showing up.  

No I do not use a spreadsheet per se as you posted, however, I do analyze each comp and adjust the value just as an appraiser would based on differentials in lot size, square footage, bed and bath counts, design and layout, condition, amenities, year built, etc.

Counting  everything and see if that makes sense to  cash out from this property.